Hancock Prospecting edges closer to the opening of its new mine with extra capital, Hermes sees strong first-half results and Matalan heiress secures the future of a British fashion brand.

Hancock Prospecting

Roy Hill, the site of a new iron ore mine in Western Australia 70% owned by Gina Rinehart's Hancock Prospecting, may get a capital boost from the Export-Import Bank of the US.

The Ex-Im Bank is the US government's export credit agency tasked with stimulating international trade – mining is one of the Ex-Im Bank's key sectors as the US supplies a lot of equipment to the international mining industry.

Four other government export credit agencies, including South Korea and Japan, are also considering providing some of the $4 billion (€3 billion) still needed to fund the $10 billion project.

The mine's shareholders have provided $3 billion, while a group of investment banks will provide a further $3 billion.

Commentators have said the involvement of government credit agencies indicates a lack of investor confidence in iron ore, as ordinarily it should have been possible to finance the project purely though private investment and bank debt.

Roy Hill Mine's shareholders are hoping to have all the financing arrangements signed-off by the end of the year with the first ore to be extracted in 2015.

Hermes
French fashion house Hermes has seen revenues of €1.8 billion for the first half on 2013 – a rise of 14.4% at constant exchange rates.

Growth was balanced in all regions of the world with the economic situation in Europe doing little to dent figures, which were up 14% across the region.

Ready-to-wear and fashion accessories saw growth of 21% and perfumes saw growth of 20%, but the watch sector was down 1%, reflecting the general downturn in the industry.

Hermes said economic uncertainty and currency fluctuations made it difficult to make projections for the full year, but in light of the positive results for the first half the French brand could exceed its mid-term growth target of 10%.

Hermes is 75% controlled by the descendants of its founder Thierry Hermes.